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Emily, Daniel and Victoria have capital balances of P120,000, P200,000 and P72,000, respectively and they share profits in the respective ratio of 4:2:1. Daniel received P104,000 as a result of the liquidation of the
Loss on asset realization is
P 236,000
P 336,000
P 288,000
P 264,000
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Solved in 2 steps
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- He and She formed a partnership and to share in the profit or loss equally. She contributed building with a cost of P1,500,000, accumulated depreciation of P50,000 and fair value of P2,000,000. The building has a mortgage payable amounted to P250,000 which was not assumed by the partnership. How much should be credited to She, Capital account?On September 1, 20X2, Tanya, Cecille, and Marie formed a partnership by combining their separate business proprietorships. Tanya contributed cash of P50,000. Cecille contributed property with P48,000 carrying amount, P56,000 original cost, and P45,000 fair value. The said property has an attached mortgage of P10,000, which will be assumed by the partnership. Marie Contributed a piece of equipment with P50,000 carrying amount, P85,000 original cost, and P45,000 fair value. It was stated in the Articles of Partnership that profits and losses are to be shared equally but is silent regarding capital contributions. Who among the partners has the smallest capital contribution? Justify the answer in no more than five (5) sentences.Aaron and Jireh share profits in the ratio of 2:3. Their capital contributions are: P150,000 to Aaron and P250,000 to Jireh. Give the journal entries to record the admission of BJ under each of the following assumptions: a. BJ purchases 1/3 interest of Aaron for P50,000. b. Jireh sells ½ of her interest to BJ for P140,000. c. BJ invests P120,000 for a ¼ interest in the firm. Partners agreed that the new capitalization is P480,000. d. BJ invests 90,000 for a 1/5 interest in a new capitalization of P500,000.
